Main reasons to commence your Headley lease extension

Why you should start your Headley lease extension today:

Increase your lease and increase your Headley property value

Headley residential property owned on a long lease is a depreciating asset because a leaseholder merely owns the property for a period of years.

An extended lease is almost the same value as a freehold

Leasehold properties in Headley with in excess of one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Banks and Building Societies may not loan monies with a short lease

Nearly all banks and building societies insist on a lengthy amount of time left on a leasehold property before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should bear in mind that it is reasonable to assume that someone wishing to purchase your property in the future might well do, so if they are unable to obtain a mortgage, then the financial worth of your property could be adversely impacted. In the last decade most banks and building societies have increased the required minimum lease length that they are willing to accept

What makes us experts in Headley lease extensions?

Lease extensions in Headley can be a difficult process. We recommend you obtain guidance from a conveyancer and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Headley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Headley Lease Extension Example Cases:

Erin, Headley, Surrey,

After unsuccessful negotiations with the landlord of her basement apartment in Headley, Erin initiated the lease extension process as the 80 year mark was rapidly approaching. The legal work completed in May 2006. The freeholder’s fees were negotiated to below 450 pounds.

Headley case:

Last month we were phoned by Mr and Mrs. O Petit , who bought a garden flat in Headley in August 2003. We are asked if we could shed any light on how much (roughly) price would likely be to extend the lease by an additional years. Identical properties in Headley with an extended lease were worth £206,200. The mid-range amount of ground rent was £55 collected monthly. The lease terminated in 2082. Given that there were 56 years remaining we estimated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 not including costs.

Headley case:

In 2009 we were phoned by Mr and Mrs. N Norbert who, having completed a studio flat in Headley in November 2012. The question was if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Comparative homes in Headley with an extended lease were worth £300,000. The mid-range ground rent payable was £50 invoiced per annum. The lease termination date was in 2102. Having 76 years unexpired we estimated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 plus expenses.